Inventory on the Balance Sheet

On the basis of the following data, determine the value of the inventory at the lower of cost or market. Refer to Exhibit 8 for guidance.

Product	Inventory Quantity		Cost per Unit		Market Value per Unit (Net Realizable Value)
Adams	44		259		270
Coolidge	84		203		169
McKinley	10		675		630
Garfield	104		90		68
Lincoln	125		203		212

Assuming that the cost was determined by the FIFO method, show how Inventory would appear on the balance sheet.

The inventory would appear in the

Current Assets

section of the balance sheet as follows:

Inventory

at lower of cost (FIFO) or market at

$________________